ALFREDO S. Panlilio is stepping down as president and chief executive officer of PLDT Inc. effective Jan. 1, 2024 as he retires for health reasons, the telecommunications company said on Tuesday.
After Mr. Panlilio’s retirement, PLDT Chairman Manuel V. Pangilinan will concurrently hold the vacated posts until such time as a new president and chief executive officer is appointed, the company said.
“I would like to thank Al profusely for his service and his loyalty and wish him the very best. I also enjoin everyone to support a smooth transition within the PLDT Group at this critical juncture of its corporate life,” Mr. Pangilinan told the stock exchange.
PLDT said its board had also accepted Mr. Panlilio’s resignation as president and chief executive of its wireless subsidiary Smart Communications, Inc.
PLDT credited Mr. Panlilio for being instrumental in steering the group “during the challenging times of the Covid 19 pandemic and enabling PLDT to sustain profitability and industry leadership in that difficult period.”
“With Mr. Panlilio at the helm, PLDT received various citations from both local and international organizations for pioneering brand, corporate social responsibility, cybersecurity, network, and sustainability initiatives,” it said.
Meanwhile, Mr. Panlilio will remain as director of PLDT, Smart, and MediaQuest Holdings, Inc., the company said, adding that he will also retain his role as chairman of Maya Bank, Inc. and Bonifacio Communications Corp.
He will also remain the director of Multisys Technologies Corp.; and MultiPay; and president of MVP Sports Foundation, trustee of Asian Carriers Conference, and member of the Management Association of the Philippines.
Pangilinan-led PLDT reported P9.43 billion in attributable net income for the third quarter, down 12% from P10.71 billion a year earlier, citing a challenging economic environment.
In the third quarter, the company’s combined revenues rose by 1.9% to P52.32 billion from P51.35 billion in the same period last year.
At the local bourse on Tuesday, shares in the company closed P6 or 0.47% higher to end at P1,276 apiece.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose